1099

“Dear Steve, Purchased a mobile home in 1996 with a mortgaged amount of 47000. Mobile home repossessed in 2003. My husband and I separated in May 2002. He refused to help pay any debt (mortgage, credit cards, etc). I immediately called the mortgage company to ask for help. They refused. I paid the note until August because by then I ... Read More »

“Dear Steve, Credit Union charged off the amount of $2369 for a gap insurance loan that had a balance of $1639 but reported to IRS a charge off of $2574. IRS is going after me for not claiming it as income. How can they have 2 different charge offs and get away with it? Sabra” The Answer Dear Sabra, It’s ... Read More »

“Dear Jim, This is apparently yet another 1099C question :) For my S-corp business, I had a line of credit with a bank that changed loan terms after three years into a fixed loan. This loan was backed by SBA. I was unable to pay the new terms (and didnt actually understand that it was going to change) and tried ... Read More »

“Dear Paula, i recived a 1099-c form with a cover letter sayng they will report deffault paydayloan as ordinary incom and that they officialy had forwarded the 1099-c form to the irs and it tells mea settlement agrement i called them and the guy told me if i didnt want the irs to get the 1099-c form to pay the ... Read More »

“Dear Steve, I had a credit card with USAA. I didn’t pay it and they cancelled the debt. It was for 5800 dollars. I was sent a form 1099-c and it drastically reduced my tax return. Will a cancellation of debt have any sort of positive effect on my credit? Andy” The Answer Dear Andy, A cancellation of debt will ... Read More »

“Dear Steve, I’m confused now. I just had 1099-c sent that canceled out 51,000.00 of debt (30,000.00) from one creditor who never even called me, or sent nasty emails. The rest was the balance from other cards I settled for much lesser. I just went to my cpa and found out I owe 19,000.00 in taxes to the irs for ... Read More »

“Dear Steve, I recieved a 1099 C from a bank credit card that I purchased in 2008. I lost my job and could not pay it until 2010 and I put the card on Care One which is a debt settlement service. I lost my job again in 2010 after paying to care one for a full year. They turned ... Read More »

“Dear Steve, In 2005 I had a vehicle stolen. My insurance paid the “value of the vehicle” to the lender, however there was $1,000 not paid. After much back and forth with the insurance agency and the lender the lender decided to write off the debt. Now January 2013 I received a 1099 for the year 2012 from the lender ... Read More »

“Dear Jim, Capital one sued me on a debt and it was dismissed without prejudice , they didn’t show up. about 7 months later they sued me again. this time i hired a lawyer and it was dismissed with prejudice. they can’t sue me again..yay. now almost a year later. i get a letter from IRS saying i owe back ... Read More »

Hi all, I’ve been cleaning up the last of my debt over the past couple of years. I was planning to go and settle with a defaulted Timeshare at some point. But on Friday I received a 1099-C from the Timeshare canceling my $9500 balance on my debt. While on the one hand this is great news, it brings up ... Read More »

We had a house go into foreclosure last year, the house was in our separate names as we were not married, and live in Washington State. I did have a lawyer after the fact trying to keep us out of court for another matter relating to this. From what the lawyer said, because Washington is a non-recourse state, the bank ... Read More »

“Dear Jim, Paid $200,000 for second home in miami in 2006. Got a 1099c for $80,000. This is for 2010, and i have not filed 2010 taxes. Just an extension. still can’t figure out how to handle 2010 taxes which i have not yet filed. I think i am too old for all of this. I don’t have the short ... Read More »

“Dear Steve, I completed a debt settlement in 2010 where I retired 160,000 in debt for about 60,000. I had to liquidate my 401k of 38k to help. I knew about the 1099-c thing but calculated I could claim insolvency. I am still working making good Money but my expenses where high and instill own my home I procrastinated with ... Read More »

“Dear Steve, I have been hounded by Dell computer for about 8 years for a computer delivered to a person unknown in Tampa, FL. I have written to Dell (have cert. mail receipt) informing them I did not have any dealings with them, that I did not order or receive computer equipment and for them to provide me with proof ... Read More »

We filed a hardship letter with CitiMortgage and they agreed to settle our 2nd mortgage (equity line) by paying $60,000 and they would not pursue the remainder of the debt of $216,535 but would file a 1099C Form. We would then have to come up with $102,000 for the tax consequence. We want to refinance our 1st to include this ... Read More »

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